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Analyst Believes XRP’s Current Support Will Be Short-Lived

Published 04/16/2023, 09:25 AM
Updated 04/16/2023, 09:30 AM
© Reuters. Analyst Believes XRP’s Current Support Will Be Short-Lived

  • XRP’s support at $0.52 will likely be broken, according to an analyst.

  • The analyst added that XRP’s price could drop to the support at $0.494.

  • At press time, XRP is trading hands at $0.5204 after a 0.36% price decrease.

Crypto trader and analyst TARA (@PrecisionTrade3) posted on Twitter yesterday to share her thoughts about what the price of Ripple (XRP) could do in the coming days. According to the analyst, although XRP has decent support at $0.52, she believes it is very likely to be short-lived and the remittance token will likely follow Bitcoin (BTC) in a correction.

XRP / US Dollar 4h (Source: Twitter)

The analyst added that she can even see XRP’s price drop to the support at $0.494. She also stated that it could still be too early to predict what XRPs’ price will do in the coming days, but traders should be prepared for a move either way.

XRP / Tether US 1D (Source: TradingView)

At press time, XRP is still trading just above its support of $0.52. CoinMarketCap indicates that the altcoin is currently trading hands at $0.5204 after a 0.36% price decrease over the last 24 hours. The crypto’s small loss barely had an effect on its weekly performance as XRP is still up by more than 3% over the last seven days.

XRP’s drop in price led to the crypto weakening against BTC and Ethereum (ETH) by about 0.06% and 0.24% respectively over the last day. The altcoin’s 24-hour trading volume is in the red zone currently, and now stands at $644,077,656 after a decrease of more than 40% since yesterday.

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XRP’s price drop means that its market cap currently stands at $644,077,656, which ranks it as the 6th biggest crypto in terms of market capitalization at press time. This places the remittance token right behind USD Coin (USDC) in the 5th position and in front of Cardano (ADA) which is ranked 7th.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Analyst Believes XRP’s Current Support Will Be Short-Lived appeared first on Coin Edition.

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Latest comments

I think to tge run up of sec decision it could break support 0.46 target
Ripple, the company is being accused of selling cryptocurrency without registering them as security, their defense was that they weren't given enough time , using the fair notice defense however, the there is a test that says once the public buys them to gain money on someone else's behalf it's a security. If all cryptocurrencies besides bitcoin are deemed as securities, they cannot be traded on exchanges or banks and would loose their value.While this is true, human nature as self leaders and leaders in businesses is to influence the processes in our control to in our bodies and companies to produce profits. To label all cryptocurrencies as securities is to promote world dominance and inhibit free will of human nature and ingenuity of businesses. With the correct monitoring of ledgers, cryptocurrencies can be the next wheels of this era.Tre Heallis (Dip. Teach)
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